Led by South African Ackerman family, Pick ‘n Pay suffers $153-million impairment
Pick ‘n Pay’s discount chain, Boxer, was a bright spot, delivering robust sales growth of 16.1 percent despite a challenging economic environment.
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South African billionaire Saltzman family gains $13 million from Dis-Chem stake
This increase follows earlier gains recorded between April 24 and April 30, when the market value of the family’s stake surged by R433.55 million ($23.05 million)
South African billionaire Michiel Le Roux’s Capitec Bank hits 22 million active clients
Founded in 2001 by Michiel Le Roux, Jannie Mouton, and Riaan Stassen, Capitec offers transactional banking services along with a suite of loan products
Algerian-born French entrepreneur Sue Nabi loses $33.6 million from Coty stake
Despite this setback, Sue Nabi remains a pivotal figure in the beauty industry.
Streaming giant Netflix buys 50 Cent’s documentary on Diddy sexual assault allegations
G-Unit Film & Television, 50 Cent’s production company, confirmed Netflix secured the rights after a bidding war among streaming services.
Africa’s richest man Aliko Dangote’s sugar firm to raise $69.56 million via commercial paper
With banks offering limited options, companies like Dangote Sugar are turning to the fixed-income market for alternative financing.
Cameroonian banker Alain Nkontchou-led Ecobank reports $496 million in revenue in Q1 2024
Under Alain Nkontchou’s leadership, total comprehensive income surged significantly, rising from N7.06 billion ($15.54 million) to N448.72 billion ($123.76 million).
Egypt’s multimillionaire Khamis family gains $8.3 million from Oriental Weavers stake
While the Khamis family’s stake has soared recently, investors seeking to emulate their success through Oriental Weavers shares should exercise caution.
Meet Bella Disu: Nigerian business executive leading one of Africa’s largest telecom companies
Under Bella Disu’s leadership, Globacom has positioned itself as Nigeria’s largest provider of digital services.
Nigerian tycoon Temitope Lawani-linked Vivo Energy completes acquisition of Engen from Petrona
The merger of Vivo Energy and Engen marks a significant development in the African energy sector.
South African tech mogul Zak Calisto gains $56 million from Karooooo shares
Zak Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company
CIC Group, linked to Kenyan tycoon Gideon Muriuki, reports $10.9 million profit in 2023
Gideon Muriuki, a leading Kenyan tycoon, and the CEO of Co-op Bank, holds the largest individual stake in CIC Group at 5.27 percent, representing 137,824,304 shares,
Lowe’s, led by Black executive Marvin Ellison, posts $21.4 billion in Q1 2024 sales
Despite the headline figures, Lowe’s reported positive growth in certain segments. The Pro division, catering to professional contractors, maintained steady sales.
Kenya’s richest banker James Mwangi’s stake in Equity Group soars past $45 million
This surge cements James Mwangi’s position as a top investor on the NSE and underscores his status as one of Kenya’s wealthiest individuals.
South African exec Shameel Joosub-led Vodacom discusses infrastructure deals with Orange across Africa
Vodacom Group, led by telecoms veteran Shameel Joosub, boasts a network of over 200 million African subscribers.
Egyptian billionaire Yasseen Mansour’s Palm Hills signs deal for Northern Coast project
Under Yasseen Mansour’s leadership, Palm Hills reported a $51.1 million profit at the end of its 2023 fiscal year, reflecting a robust 25.9 percent year-over-year increase.